在天津港(600717,股吧)东疆湾沙滩旁的车道上，拖曳着小型私人飞机的卡车鱼贯而过。

In the tianjin port(600717,guba)East jiang bay beach side driveway,Drag the small private plane truck filed past.

　　这是天津东疆保税区常见的景象。飞机的拥有者——无限航空飞机市场管理有限公司（下称无限航空）是全国第一家在保税状态下“吃螃蟹”的机构。 “前景不可估量。” 天津东疆保税区管委会主任张爱国告诉《财经国家周刊》，处于航空产业链下游的航空金融，正在以飞机租赁和离岸金融等形式开始探索独特的金融创新。

This is tianjin east zone in xinjiang common scene.The owner of the aircraft - infinite aviation aircraft market management co., LTD(The "infinite aviation)Is the first one in bonded condition"Eat crab"institutions. "Inestimable prospects." Tianjin east jiang free trade zone administrative committee director ZhangAiGuo tell[Financial country weekly],In the aviation industry chain downstream aviation financial,Working in aircraft leasing and offshore financial and other forms began to explore the unique financial innovation.

　　航空金融松绑 Aviation financial relax

　　近几年，用于运输航空的大型飞机进口政策终于松动，将关税和增值税分别减至1%和4%左右，但涉及到四座以下小型飞机的进口政策却迟迟未见曙光。

In recent years,Used to transport air of the large aircraft import policy finally loose,Tariff and value-added tax will be reduced to 1% and 4% respectively,But involves four seat the small plane import policy but didn't see dawn.

　　“小型飞机的税收偏高源于人们过去对通航产业的认识误区，误将小型飞机等同于奢侈品来征税，忽略了其作为交通工具的本质属性。”北京航空航天大学通用航空研究中心主任高远洋告诉本刊记者。

"Small planes of the tax on the high side to result from people of the past navigation industry misunderstanding,Mistake the small plane is equal to luxury to impose taxes,Ignore it as the essential attribute of transportation."Beijing university of aeronautics and astronautics general aviation research center director high ocean told this reporter.

　　在中航协通用航空委员会总干事、中国民航大学通航学院前院长王霞看来，中国的航空政策应适时修改，空载25吨级以下的飞机进口审批程序仍然与大型飞机一样繁复严苛，已经束缚了行业的发展。

Catic association in general aviation committee director general/China's civil aviation university college of navigation before WangXia looks,China's aviation policy should be timely change,Light 25 t the following plane import examination and approval procedures are still with large plane rigid heavy and complicated,Already hinder the development of the industry.

　　因此，既能为大型飞机进口减免税赋，又能为25吨级以下小型飞机提供保税展销、仓储等服务的保税区，便成为庇护小型飞机产业的一片绿荫。

therefore,For large aircraft both import relief taxes,And the small plane for 25 t provide bonded fair/Warehousing services free trade zone,Become asylum small aircraft industry a piece of shade.

　　根据我国《海关保税港区管理暂行办法》，保税区可开展存储进出口货物、对外贸易与国际采购、分销配送以及国际中转、商品展示等具体业务。区内商品视同境外，直至出区时才需缴纳关税，因而能为各类涉及进出口的企业提供巨大便利。

According to our country[The interim measures for the administration of bonded port area],Free trade zone can carry out import and export goods storage/Foreign trade and international procurement/Distribution distribution and international transit/Commodity exhibition specific business.The goods shall be regarded as overseas,Until the time out to need to pay duties,So for all kinds of involving import and export enterprises to provide great convenience.

　　东疆保税区管委会主任张爱国称，飞机进口至保税区时不需要民航局的进口许可证，直到有客户看中某款机型并预付定金后，企业才需要办理进关手续且大部分手续都可在保税区内完成，省时省力且有利于规避风险。

East jiang free trade zone administrative committee director ZhangAiGuo says,The plane imports into the bonded area, do not need to civil aviation administration of import license,Until the customer take a fancy to a particular type and after down payment,Enterprise just need to deal with formalities and getting most of the procedures can be completed in the bonded area,Saves time and effort and to avoid risk.

　　“这种交易平台一旦扩张为大规模的私人飞机展销交易中心，则前景不可估量。”张爱国称。

"This transaction platform for large-scale expansion once the private plane of fair trading center,The inestimable prospects."ZhangAiGuo says.

　　先行先试 First try first

　　银监会规定，能够享受1%关税和4%增值税待遇的企业，还包括诸如民生租赁、工银租赁等银行系租赁公司在保税区内为单机、单船设立的金融租赁公司——特殊服务公司SPV（Special Purpose Vehicle）。

The CBRC provisions,Can enjoy 1% tariff and 4% value-added tax treatment of enterprise,Also include such things as the people's livelihood lease/Work silver leasing bank system leasing company in the bonded area for single/Single ship the establishment of the financial leasing company, special service company SPV(Special Purpose Vehicle).

　　该类企业不但在融资、降低汇率损失等方面享有特权，在给境内航空公司提供租赁服务时还可被视同跨境租赁，从而享受航空公司直接跨境租赁所具有的优惠税率。此外，境外企业若在中国设立生产厂商并在保税区进行租赁或购买，则SPV企业的销售业务就能以商品出口形式享受出口退税。

The enterprise not only in financing/Reduce the loss of exchange rate prerogatives,In domestic airlines provide rental services can also be regarded as cross-border lease,Thus enjoy airlines direct cross-border lease is the preferential rate.In addition,If an overseas enterprise, established in China manufacturers in the bonded area, and for leasing or buying,The SPV enterprise sales business can with merchandise exports form enjoy tax reimbursement for export.

　　张爱国解释说，国务院的文件中明确规定了东疆保税区为航运金融和金融租赁业务试点区域，允许东疆在飞机、船舶租赁领域先行先试，并要求其尽快研究SPV企业的管控方式。

ZhangAiGuo explained,The state council documents specified in the east zone in xinjiang for shipping financial and financial leasing business pilot area,Allow the east on the plane in xinjiang/The ships leasing field first try first,And as soon as possible for the research of SPV enterprise control mode.

　　“设立SPV这类单机、单船公司是东疆引进并优化后的国际租赁办法，最大优势在于子公司与母公司的风险剥离。”张爱国指出。

"Establishment of SPV this kind of single/Single ship company is east jiang introduce and the optimized international leasing way,The biggest advantage of parent company and subsidiary company risk stripping."ZhangAiGuo pointed out that.

　　这即是说，由于航空、水运属于风险未知的产业，一旦遇险失事则势必将租赁公司拖进深渊。金融租赁公司在保税区设立SPV企业，是就一架飞机或一艘轮船注册的独立项目公司，仅对应一笔租赁合同，实行单独管理、单独核算，由SPV企业独立承担所有风险而不牵扯母公司。反之，一旦母公司遭遇破产清算、资产查封等不利事件，租赁出去的某架飞机则因SPV的风险独立制度而不参与清算，可正常执行航班任务而不影响航空公司的使用，双方充分实现风险锁定。

That is to say,Due to the air/Water belongs to the risk unknown industry,Once the distress crash is certainly will will lease company pulled into the abyss.Financial leasing company in FTZ SPV enterprise,Is it a plane or a ship registered independent the project company,Only corresponding to a lease contract,Executes independent management/Accounted for separately,The SPV enterprise independently bear all risks and not in the parent company.and,Once the parent company encounter bankruptcy liquidation/Assets such as attachment adverse events,Lease out of a plane is because of the risk of SPV independent system and does not participate in the liquidation,Can the normal executive flight task and does not affect the use of airlines,Both sides fully realized risk lock.

　　事实上，由于我国飞机进口税率太高且1997年后银行系统被要求撤出金融租赁领域，国内租赁公司一直资金匮乏，难以抗衡财大气粗的国际租赁公司，因而后者长期以来几乎占据了国内90%多的租赁业务。而保税区此举，则很可能从此扭转租赁市场格局。

In fact,Because our country aircraft import tax rate is too high and 1997 years later the banking system was asked to withdraw from financial leasing area,Domestic leasing company has been lack of money,Difficult to counter moneybags international leasing company,Thus the latter has long almost occupied domestic more than 90% of the lease business.And the bonded area,Will likely from now on torsional rental market pattern.

　　“另一方面，SPV企业的融资、租金收入、税赋和贷款等财报明细非常清晰，客户信誉水平一目了然，收回投资并实现盈利的安全系数较高，也能为企业日后的资产证券化奠定良好基础。”张爱国这样表示。

"On the other hand,SPV enterprise financing/Rental income/Tax and loan, etc earnings detailed very clear,Customer credit level be clear at a glance,Withdraw investment and realize the profit of higher safety coefficient,But also for enterprises in the future asset securitization lay the good foundation."ZhangAiGuo such said.

　　据统计，目前仅东疆保税区内，就注册了包括民生租赁、国银租赁、招银租赁等银行系和长江租赁等非银行系租赁公司共327家，其中单机公司和单船公司各217家和76家，共完成了81架飞机和6台飞机发动机的租赁业务，堪称全国保税区的领头雁。

According to the statistics,Currently, only the east in the bonded area in xinjiang,Just registered including the people's livelihood lease/Countries silver lease/ZhaoYin leasing bank system and the Yangtze river leasing non-bank system leasing company a total of 327,The single company and single ship all the 217 and 76,Has finished 81 aircraft and six new aircraft engine leasing business,The free trade zone is the leader.

　　待分切的蛋糕 For cutting the cake

　　航空金融已是离弦之箭，仅仅依靠飞机保税展销和金融租赁的小幅度优惠，已远远不能支撑其发展。

Aviation financial is already an arrow,Just rely on the plane bonded fair and financial leasing of small amplitude preferential,Already far cannot support its development.

　　“几家通用航空企业之间常有互相拆借以便资源共享，但真正意义上的金融租赁还未见于通航领域，这也是政府日后需要引导和培育的重点。”王霞表示。

"Several general aviation between enterprise often lend to each other so that the resources sharing,But the real sense of financial leasing is not found in navigation field,This is also the government need in the future, guide and cultivate the key."WangXia said.

　　所谓通用航空，即民航领域除运输航空以外的所有飞行活动，也即除去日常民航航班、邮政航空和货运航空等运输业务之外，包括农林牧业、电力巡线、石油作业、企业公务飞行等多种飞行活动。而通航领域的飞机，既包括庞巴迪、湾流等几十人座的公务机，也包括四人座及以下的固定翼和螺旋桨飞机，其中大部分都飞行于1000米以下的低空。

So-called general aviation,Namely civil aviation air transport outside except all the flight activities,Namely remove daily civil aviation flight/Postal airlines and air freight transportation business outside,Including farming, forestry and animal husbandry/Power patrol/Petroleum operations/Enterprise business flights and so on the many kinds of flight activities.And navigable areas of the plane,Includes both bombardier/Gulf Stream of seats of the executive,Also includes four seats and the following fixed wing and propeller aircraft,Most of them are flying in 1000 meters below low altitude.

　　在无限航空总经理高树荣眼里，通航飞机租赁市场是一块巨大的蛋糕。这一方面源于通航飞机从几百万元至上亿元的高昂价格，一方面也源于新一代中国年轻人逐渐适应租赁消费的新生代消费观。因而，高树荣已经做好了与保税区内外租赁公司“亲密接触”的准备。

In the infinite aviation general manager of tall trees rong's eyes,Navigation aircraft leasing market is a huge cake.This hand from navigation flight from millions of dollars to tens of millions of dollars in high price,On the one hand is a new generation of young Chinese gradually adapt to the lease consumption Cenozoic consumption.therefore,Tall trees honor has been done and bonded area inside and outside leasing company"Intimate contact"preparation.

　　此外，财政部、海关总署和国家税务总局三部委联合颁发的财税【2012】66号文件，规定在个别保税区内注册的租赁企业将商品租赁给境外承租人时，可视为出口租赁而享受融资租赁出口退税的优惠。

In addition,The ministry of finance/The general administration of customs and the state administration of taxation jointly issued three ministries of finance and tax[2012]No. 66 document,Provisions in the bonded area in individual registered lease enterprise will be leased to the commodity outside when the lessee,Can be regarded as exports and enjoy the lease financing lease of preferential tax reimbursement for export.

　　“在保税区以外，倘若租赁公司在国内采购飞机、船舶等设备都会被视为内贸，即便承租人是境外企业，也不符合17%左右的出口退税优惠。于是，不少企业为了避税而在境外注册租赁公司，从中国购买设备出口后，再‘租’给自己的境外公司。”张爱国举例说，“这就是一种人力、时间和资本的浪费。”

"Outside in the bonded area,If leasing company in domestic procurement aircraft/Ship equipment will be viewed as a domestic trade,Even if the lessee is overseas enterprise,It also doesn't conform to the 17% of export tax rebate preferential.so,Many enterprises in order to tax avoidance and in the foreign registration leasing company,From China to buy equipment after export,then‘rent’To give their overseas company."ZhangAiGuo for example,"This is a kind of human/The waste of time and capital."

　　据业内统计，截止2011年中国民航领域1850架飞机中，约60%都来自于租赁，而该比例在全球范围更是高达80%。专家测算认为未来20年内，中国约需新增运输干线飞机2822架，按照已有的6:4的租赁和购买比例测算，中国将有1830架飞机以租赁方式引入，所涉金额将高达1460亿美元。

According to the statistics,By the year 2011 China civil aviation in 1850 aircraft,About 60% of all come from the lease,But the proportion in the global scope is as high as 80%.Experts calculate think the next 20 years,China need about new transportation trunk airliner 2822 frame,According to the existing 6:4 leasing and purchase ratio calculation,China will have 1830 aircraft to lease modes into,The amount involved will be as much as $146 billion.

　　从几年前开始涉足该领域的民生金融租赁公司，目前已拥有公务机过百架。国内其他租赁公司，早就招兵买马、蓄势待发。未来十年这个千亿美元的市场蛋糕将如何切分？一切仍有待观察。

From a few years ago began to set foot in the field of the people's livelihood financial leasing company,Currently has executive over frame.Other domestic leasing company,Recruiting early/ready.The next 10 years the billions of dollars to segmentation market cake?All remains to be seen.